The First Home Guarantee Scheme (FHGS) is a government program that helps first-time homebuyers purchase a home with just a 5% deposit. The government guarantees part of your home loan, so you don’t need to pay for Lenders Mortgage Insurance (LMI), which is typically required when you have a small deposit.

If you meet the eligibility criteria, the government guarantees up to 15% of the property’s value. This means you can buy a home with only a 5% deposit, and the government will cover the remaining 15% of the loan, which removes the need for LMI. This makes it easier for first-time buyers to get into the housing market.

The First Home Loan Deposit Scheme allows the first-home buyers to qualify for a home loan for a deposit of just 5% of the property value without having to pay Lendor’s Mortgage Insurance (LMI) fees.

Eligibility criteria:

– Australian citizens. (Not applicable for permanent residence)

– At least 18 years old

– Single first-home buyers earning up to $125,000 a year or couples earning up to $200,000 a year are eligible.

 – Couples are eligible for the scheme only if they are married or in a de facto relationship. Other persons buying together, such as siblings, parent/child or friends, are not eligible.

– Applicants must be first-home buyers who’ve not previously owned or had an interest in a residential property, either separately or jointly with someone else. This includes residential strata, company title properties, regardless of whether it was an investment or owner-occupied property and whether it was ever lived in.

Property type:

 – An existing house, townhouse or apartment

 – A house and land package

 – A vacant land together with a separate contract to build a home

 – An off-the-plan apartment or townhouse

Yes, we assist first-home buyers in accessing various government schemes, such as the First Home Owner Grant (FHOG), First Home Loan Deposit Scheme (FHLDS), and other state-specific incentives. These programs can help reduce upfront costs and make it easier to secure a home loan with lower deposits or no Lenders Mortgage Insurance (LMI).

A Family Guarantee is a type of loan arrangement where a family member (usually a parent) helps you secure a home loan by using their own property as additional security. This allows you to buy a home with a smaller deposit, sometimes as little as 5%, without needing Lenders Mortgage Insurance (LMI).

To improve your chances of loan approval, focus on maintaining a good credit score, saving a larger deposit, and having a stable income. Reduce any existing debt and ensure you provide all necessary documents for your application. Avoid applying for other credit during this time, and be transparent about your financial situation. If needed, consider having a family member act as a guarantor. These steps will help strengthen your application and increase the likelihood of approval.

The paperwork required for a loan application can vary, but typically, you’ll need to provide proof of identity, income (like pay slips or tax returns), bank statements, and details about any existing debts or assets. While it may seem like a lot, your broker will guide you through the process and help ensure you have everything needed to make your application as smooth as possible.

A pre-approval is when a lender assesses your financial situation and gives you an estimate of how much you can borrow before you start house hunting. It’s not a guarantee, but it helps you understand your budget and shows sellers you’re a serious buyer. While it’s not required, getting pre-approved can make the home buying process smoother and give you an advantage in competitive markets.

The loan approval process involves several steps. First, you’ll complete a loan application and provide necessary documents like proof of income and ID. The lender then reviews your financial situation, including your credit history and ability to repay the loan. If everything looks good, you’ll receive an approval in principle. After this, the lender may conduct a property valuation and final checks before giving you a formal approval. Once approved, you can proceed with finalizing the loan and purchasing your property.

If you miss a loan repayment, the lender may charge a late fee. If you continue missing payments, they may take further action, including reporting the missed payments to credit bureaus, which could affect your credit score. It’s important to contact your lender as soon as possible if you’re struggling to make repayments to discuss your options.

 Pre-Approval:

Pre-approval, also known as conditional approval, is the initial step in the home loan application process. During this stage, a lender assesses your financial situation and determines the maximum loan amount you may be eligible to borrow. However, pre-approval is not a guarantee of obtaining a loan.

 Final Approval:

Final approval, also known as formal or unconditional approval, occurs after you have selected a property and the lender has completed a comprehensive assessment of the property and your financial situation. Final approval is the confirmation from the lender that they are willing to provide you with the specified loan amount to purchase the property.

Yes, you can get a home loan if you’re self-employed! Lenders will look at your income and financial stability, but the process may be slightly different compared to employees. You’ll need to provide additional documentation, such as tax returns, business financials, and possibly profit and loss statements, to prove your income. While it may require more paperwork, many lenders offer home loans to self-employed individuals.

Yes, it is possible to apply for a home loan as a non-permanent resident or someone on a temporary visa. However, lenders may require additional documentation such as proof of income, visa details, and may require a larger deposit. We can guide you through the options available based on your specific visa status.

It can be difficult to get a home loan without a credit history, as lenders use your credit history to assess your reliability. However, some lenders may consider other factors like your savings and employment status. It’s worth discussing options with a broker.

Yes, but you may need to provide additional evidence of your income stability, such as pay slips or a letter from your employer.

Yes, but most lenders prefer you to have been employed for at least 3 to 6 months. You may need to provide additional information about your employment situation.

There are no fees for using our mortgage broker services. We do not charge our clients directly. Instead, we are paid a commission by the lender once the loan is settled. This means you can access expert advice and support without any out-of-pocket expenses.

Lenders Mortgage Insurance (LMI) is a one-time insurance fee that protects the lender if you’re unable to repay your home loan. You may need to pay it if your deposit is less than 20% of the property’s value. While it’s for the lender’s protection, the cost is usually passed on to you. If you’re paying LMI, it’s important to consider the extra cost in your loan budgeting, but it can allow you to buy a home with a smaller deposit.

Lenders Mortgage Insurance (LMI) is a type of insurance that protects the lender in case the borrower defaults on their loan. It is usually required when a borrower has a deposit of less than 20% of the property’s value. LMI allows borrowers to secure a home loan with a smaller deposit but comes at an additional cost, which is typically added to the loan amount. It’s important to note that LMI protects the lender, not the borrower, and is generally not refundable.

1. Healthcare Professional Offer (5% Deposit)

• Eligible Professions: CBA offers a home loan with a 5% deposit and LMI waiver for registered nurses, midwives, and other healthcare professionals. This program helps reduce the upfront cost for these professionals while avoiding the need for LMI, even with a lower deposit.

2. First Home Buyer Schemes

• Government schemes such as the First Home Owner Grant (FHOG) and the First Home Loan Deposit Scheme (FHLDS) can help reduce the deposit required for first-time buyers and potentially eliminate the need for LMI.

3. Guarantor Loans

• A guarantor, typically a parent or close family member, can provide security for your loan, allowing you to borrow up to 100% of the property value and avoid paying LMI.

4. LMI Waiver for Specific Occupations

• Some lenders, beyond CBA, offer LMI waivers for specific professions, such as medical practitioners, police officers, and teachers. Eligibility criteria and conditions vary by lender.

Yes, once construction is complete, you can switch from a construction loan to a standard home loan. This is typically called “loan conversion,” and it may involve moving from interest-only payments to principal and interest payments.

The loyalty tax is a tax levied on the loyal bank customers. It is rather a premium paid by existing customers, when the existing home loan borrowers are paying higher interest rates compared to the new customers. According to the Australian Competition and Consumer Commission (ACCC)’s Home Loan Price Inquiry – Final Report, the average difference in interest rates paid by new and existing variable rate customers as of September 2020 was:

• 0.29% for borrowers with home loans less than 1 years old.
• 0.47% for borrowers with home loans between one and three years old.
• 0.58% for borrowers with home loans three and five years old.
• 0.71% for borrowers with home loans five and 10 years old.
• 1.04% for borrowers with home loans greater than 10 years old.

• Waiver in LMI up to 90% Normally, Lender’s Mortgage Insurance is payable by the borrowers if they are applying for a home loan and the deposit amount is less than 20% of the property value. However, for health workers and medical professionals, lenders offer a waived LMI for loan amount of up to 90% of property value.
• Minimum deposit (Higher LVR) LVR stands for Loan-to-Value Ratio. LVR is the amount borrowing you are making, represented as a percentage of value of the property to be bought. Medical professionals and health workers are allowed an LVR up to 90% which means, the minimum deposit required for them is only 10% of the property value.
• Low interest rates and reduction in fees medical workers and professionals are provided with progressive variable and fixed interest rate options. They are provided with discounts on fees up to 1% of the standard rate, if they choose variable interest rates. It depends upon lenders, as some lenders provide discounted offers in application processes, whereas some lenders waive off the whole fees.

Yes, debt consolidation allows you to combine high-interest debts like credit cards into a lower- interest home loan, simplifying repayments and saving money.

A construction loan provides funds in stages as your home or project is built. We assist in       setting up the loan and managing the drawdown process with your lender. 

Bridging loans are short-term loans designed to help buyers purchase a new property before selling their existing one. They are typically used when the timing of selling and buying doesn’t align and can be repaid once the sale of the current property is complete.   

Refinancing is a process of taking out a new loan to pay off an existing loan, typically with more favourable terms. It is often done to save money on interest, reduce monthly payments, or change the type of loan. Refinancing is replacing an old loan with a completely new loan with new terms and conditions, and the repayments will be as per revised terms and conditions. The benefits of refinance will depend on the loan amount, current interest rates, and various other factors. It is always a good idea to consult to a financial advisor before making a decision.

Yes, refinancing involves switching your mortgage to a new lender, usually to secure a better interest rate, lower repayments, or access equity in your property.

Yes, many lenders allow you to switch between fixed and variable rates, although there may be fees involved. It’s important to carefully consider the pros and cons of each type before making the change.

A home loan is typically used for purchasing property and has a fixed or variable repayment schedule. A line of credit is a revolving loan that allows you to borrow and repay funds as needed, similar to a credit card. It can be useful for those who need flexible access to funds.

You can use the First Home Super Saver Scheme (FHSSS) to help save for your deposit, but you cannot directly use your superannuation to purchase a home unless you’re using an SMSF for an investment property.

When buying a home, aside from the property price, you’ll need to consider costs like stamp duty, legal fees, home inspections, loan fees, and possibly Lenders Mortgage Insurance (LMI) if your deposit is under 20%. You’ll also need home insurance, moving costs, and utilities setup fees. Make sure to account for all these costs to be financially prepared.

If you sell your property before the loan is paid off, the proceeds from the sale will be used to pay off the outstanding balance of the loan. If the sale price doesn’t cover the loan, you may need to make up the difference.

1. First Home Owner Grant (FHOG): A one-time payment for eligible buyers purchasing or building a new home. Amounts and criteria vary by state/territory.
2. First Home Loan Deposit Scheme (FHLDS): Allows eligible buyers to secure a home loan with a deposit as low as 5%, avoiding Lenders Mortgage Insurance (LMI). Limited places and income thresholds apply.
3. Home Builder Grant: A temporary scheme offering grants for building or renovating homes, introduced during COVID-19 with specific requirements.
4. Stamp Duty Concessions/Exemptions: Many states offer reduced or waived stamp duty for first home buyers, lowering upfront costs.
5. Other State/Territory Grants: Additional programs may include financial assistance, bonuses, or savings schemes for first home buyers.

1. Structural Integrity: Check for cracks, sloping floors, sagging ceilings, water damage, or foundation issues.
2. Roof Condition: Inspect for damaged tiles, rust, or leaks to ensure durability.
3. Plumbing System: Test taps, showers, and toilets for functionality, leaks, or pressure issues; check the hot water system.
4. Electrical System: Ensure outlets, switches, and fixtures work properly, with no exposed or faulty wiring.

Buying in regional areas often means lower property prices and a quieter lifestyle, while metropolitan suburbs offer proximity to amenities and jobs. Your choice depends on budget, lifestyle preferences, and long-term goals. A broker can help weigh the financial pros and cons of each option.

The market is seeing rising interest rates, a growing focus on regional areas, and a strong demand for rental properties. Sustainability and technology-driven transactions are also shaping buyer preferences. Staying informed on local trends can guide smarter property decisions.

In Australia, credit scores are typically expressed as a numerical value ranging from 0 to 1,200 or 0 to 1,000, depending on the credit reporting agency. Different lenders may have their own criteria for determining what they consider to be a good or bad credit score. Credit scores are one of the major factors lenders consider, when evaluating loan applications.

Good Credit Score: A good credit score in Australia is usually considered to be around 700 or higher. This indicates a strong credit history with a low risk of defaulting on loan payments.

 With a good credit score, you’re likely to have better access to home loan options, favourable interest rates, and more negotiating power with lenders.

Bad Credit Score: A bad credit score in Australia is generally below 500. This indicates a higher risk to lenders and can make it more challenging to secure a home loan. With a bad credit score, you may face limited options, higher interest rates, and stricter lending requirements. It’s important to note that having a low credit score doesn’t necessarily mean you won’t be able to obtain a loan, but it may make the process more difficult.

Using a mortgage broker gives you access to a wider range of loan options from multiple lenders, not just one bank. Brokers can compare rates and terms to find the best deal for your situation. They also save you time by handling the paperwork and negotiation, and they have the expertise to guide you through the process. Plus, their services are often free for you, as they are paid by the lender once your loan is settled.

Yes, we offer solutions for purchasing or refinancing commercial properties, including retail spaces, offices, and warehouses

The process can take anywhere from a few days to a few weeks, depending on the complexity of your application. Typically, a home loan can take about 1-2 weeks from submission to approval.

Yes, absolutely! We can help clients from all over Australia, not just NSW. Our services are available nationwide, and we work with a range of lenders to find the best loan options for your specific location and needs. Feel free to reach out, and we’ll guide you through the process no matter where you live.

Yes, it is possible to get a home loan if you’re on a temporary visa, but you may need to meet additional requirements. Lenders often look for a stable income and may require a larger deposit. It’s best to check with a lender or mortgage broker for specific options.

Stamp duty is a government tax applied when buying property. The amount depends on the state and the property’s purchase price.

Yes, once construction is complete, you can switch from a construction loan to a standard home loan. This is typically called “loan conversion,” and it may involve moving from interest-only payments to principal and interest payments.

Yes, we can still help you! Having bad credit doesn’t mean you can’t get a loan, but it may limit your options. We work with multiple lenders who offer loans to people with less-than-perfect credit. We’ll help you understand your options and find the best solution based on your financial situation. It’s always a good idea to discuss your credit history openly so we can guide you effectively.

A mortgage broker can help you save money by comparing loan options from multiple lenders, ensuring you get the best possible interest rates and terms. They also help you avoid costly mistakes, like choosing the wrong loan type, and can offer advice on government schemes and potential savings. Additionally, brokers often have access to exclusive deals that may not be available to the general public.

In Australia, construction loans are typically disbursed in stages based on the progress of the build:

1. Pre-construction: Lender approval and assessment.
2. Slab Stage: After the foundation is poured.
3. Frame Stage: Once the frame and roof are built.
4. Lock-Up Stage: When windows and doors are installed.
5. Fit-out Stage: When interior works like plastering and tiling are completed.
6. Completion: When the property is finished and ready for occupancy.

Funds are released after each stage is completed and inspected to ensure the work is progressing as planned.